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Artesian to sell off three London hotels

07 July 2005

Three London townhouse hotels have been put up for sale this week at a collective asking price of £30m.

The Argyll Township hotel portfolio comprises the 48-bedroom Royal Park Hotel in Westbourne Terrace, valued at £14m; the 39-bedroom Cranley Hotel in Bina Gardens, South Kensington, worth £10m; and the 42-bedroom Elizabeth in Eccleston Square, Pimlico,
for £6m.

All three properties have been put up for sale by Artesian Property Partnership (APP) either as a package or individually.

Mark Breen, chairman of APP, said the company was looking to release capital to pursue similar business opportunities.

Dominic Mayes, head of property consultancy Knight Frank Hotels, which is handling the sale, said: "The market for central
London townhouse hotel property remains strong, as is evident by the recent sales of the Sloane and the Hempel hotels. The opportunity to buy freehold hotels with management in place is unusual."

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